Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-12 10:06Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report indicates that the continuous losses in the breeding segment have led to a decline in the enthusiasm for restocking and an increase in the culling of old hens, resulting in a slight drop in the laying - hen inventory and a slightly improved market atmosphere. However, the in - production laying - hen inventory remains at a high level, and there is no excessive culling of old hens. High production capacity is still the main concern in the market. Overall, the market is in a state of game between weak reality and strong expectations. From a market perspective, the egg futures price has rebounded from a low level recently, but the high - production - capacity pressure still exists, which may limit its rebound space, and it may be in a wide - range oscillation state in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3063 yuan/500 kilograms, down 89 yuan; the net long position of the top 20 futures holdings is - 14372 lots, up 1381 lots; the egg futures monthly spread (1 - 5) is - 221 yuan/500 kilograms, down 17 yuan; the futures holding volume of the active contract is 105412 lots, down 13875 lots; the registered warehouse receipt volume is 29 lots, down 6 lots [2]. 现货市场 - The egg spot price is 3.05 yuan/jin, down 0.01 yuan; the basis (spot - futures) is - 12 yuan/500 kilograms, up 75 yuan [2]. Upstream Situation - The national laying - hen inventory index is 115.26 (2015 = 100), up 0.86; the national culled laying - hen index is 124.63 (2015 = 100), up 31.02; the average price of layer chicks in the main production areas is 2.8 yuan/feather, unchanged; the national new - chick index is 76.65 (2015 = 100), up 3.3; the average price of layer compound feed is 2.76 yuan/kg, unchanged; the breeding profit of layer hens is - 0.47 yuan/hen, down 0.05 yuan; the average price of culled hens in the main production areas is 8.06 yuan/kg, down 0.16 yuan; the national culling age of hens is 507 days, down 3 days [2]. Industry Situation - The average wholesale price of pork is 17.89 yuan/kg, down 0.22 yuan; the average wholesale price of 28 key - monitored vegetables is 5.77 yuan/kg, up 0.01 yuan; the average wholesale price of dressed chickens is 17.71 yuan/kg, down 0.05 yuan; the weekly inventory in the circulation link is 1.06 days, down 0.04 days; the weekly inventory in the production link is 1.02 days, down 0.02 days; the monthly export volume of fresh eggs is 13215.79 tons, up 94.76 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 7300 tons, down 358 tons [2]. Industry News - The average price of eggs in Shandong, the main production area, is 5.97 yuan/kg, unchanged from yesterday; in Hebei, it is 5.61 yuan/kg, unchanged; in Guangdong, it is 6.93 yuan/kg, unchanged; in Beijing, it is 6.00 yuan/kg, unchanged [2].